CLOSING

THE FINANCIAL
LITERACY GAP

TURNING PASSION
INTO ACTION
TABLE OF CONTENTS
6

3 Note from InvestmentNews

4 Financial literacy: by the numbers

6 How to help improve financial education levels:

the first step is finding your focus
8

8 For advisor volunteers: ways to get involved

IN FOCUS: Elementary school students–how the

10 ABCs of personal finance can open new doors
9

11 IN FOCUS: High school students–financial

literacy lessons through (drum roll) music

12 An evolving success story–one high school,

two teachers and a dedicated donor

11
13 Aready
high-tech financial literacy curriculum that’s
to go

14 IN FOCUS: College students–maximizing the

value of mentorship

13
16 Resources/organizations
NOTE FROM INVESTMENTNEWS

The majority of adults in the U.S. are not capable of passing a financial literacy test.1

Large—and growing—portions of the population are carrying notable credit card and student loan debt.

One-in-three adults have saved nothing for their retirement.

The numbers speak for themselves. But, it has now added up to a problem that is too large for the financial
advice community to ignore.

Without a concentrated effort, financial literacy levels—and ultimately the financial health of millions—will continue
to decline. There are, of course, broad economic risks and implications that have been widely discussed and
well documented. But importantly, there are also risks that the quality of life for people of all ages will deteriorate
if only a limited portion of the population is able to take control of their financial futures.

Improving the overall financial education of the U.S population is a massive, long-term undertaking, but it is one
that financial advisors are uniquely positioned to course-correct.

That is precisely why InvestmentNews has committed to a range of financial literacy initiatives and authored this
industry paper. We recognize not only the importance of improving financial IQs, but the role that advisors can
play in creating a more stable and financially literate society.

Small amounts of your time can spur major progress.

This paper, based on a unique survey, think tank meetings and dozens of interviews, highlights the contributions
and efforts of a number of advisors and industry thought leaders who have found a way to move the needle.
We’ve structured the paper to focus on how you can help to improve financial literacy levels with any age group,
starting as early as grade school when money memories and personal finance concepts are first formed.

In addition, it provides a framework for “turning energy into action,” which is a set of guidelines for finding the
right organization or effort to work with – and we have also included information on a number of existing groups
that partner with thousands of advisors on a range of financial education initiatives.

We are grateful to every individual who has contributed to this project, many of whom are featured throughout
the report. We are also thankful to have a partner as thoughtful as BNY Mellon’s Pershing, which is committed to
this critical issue and to providing advisors with resources that can help solve the financial literacy crisis.

As an advisor, your individual expertise presents you with an opportunity to educate and help solve financial
problems for a number of individuals. As a profession, your combined contributions can actually help close the
widening financial literacy gap in our culture.

Suzanne Siracuse Mark Bruno

CEO/Publisher Managing Director/Associate Publisher
InvestmentNews InvestmentNews

1
National Financial Capability Study, Finra Foundation, 2016.
 CLOSING THE FINANCIAL LITERACY GAP: TURNING PASSION INTO ACTION

FINANCIAL LITERACY: BY THE NUMBERS

Study after study, as well as experts representing several But financial advisors are in a position to dramatically improve
disciplines and a cross-section of political views, all agree that financial literacy and education levels—and appear poised to
Americans are woefully uninformed about the basics of personal make a greater contribution in the coming years, according to
finance and unprepared to face the challenges of the future. InvestmentNews research.1

A FEW FAST FACTS ABOUT FINANCIAL ADVISORS AND FINANCIAL LITERACY:

Financial literacy levels are a What are the types of financial literacy initiatives
major problem: advisors are involved in? Pro bono tops the list:
of advisors surveyed 53%
strongly agree with the Providing pro bono services
78% statement “Financial
49%
literacy is an issue in
Promoting financial literacy content (via website, social media, etc.)
our country”
37%
Teaching/Volunteering at a high school/community college

36%
Just 41% of advisors surveyed Teaching/Volunteering at a local organization (library, community center, etc.)
are currently involved in an
35%
initiative related to improving Partnering with a nonprofit organization
financial literacy.
33%
Of those who aren’t currently Hosting financial literacy workshops/events at my firm (e.g., financial wellness day)

involved, 43% are interested

Individual advisors are currently helping with financial literacy,
in getting involved, and 46% might
but most of their efforts are targeted at adults:
be interested in playing a direct role
in improving financial literacy. Many
70% 58% 57% 57%
advisors expressed that they don’t know
how to take the first step and put their Adults Young adults Pre-retirees Retirees
energy into action. That is one of the
primary objectives of this paper:
To help inform advisors about the 45% 42% 35%

range of opportunities to make

Children of High school College
a meaningful contribution. current clients students students

1
InvestmentNews Research: Advisors and financial literacy, a survey of 269 advisors conducted in September 2018.
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 CLOSING THE FINANCIAL LITERACY GAP: TURNING PASSION INTO ACTION
While advisors are focused on closing the financial literacy gap, there is a significant amount of work
to be done to move the needle and show true progress:
63%
of consumers
who could not correctly
answer at least four out of
five questions on a financial
literacy quiz conducted by
FINRA that covered topics
such as interest rates,
inflation, bond prices,
mortgages and financial risk
— up from 58% in 2009.
Source: Financial Industry Regulatory
Authority’s National Financial
Capability Study
1 in 6
The proportion of U.S.
students who do not
reach the baseline of
financial literacy.
Source: Council for Economic
Education
13%
of Millennials
(18-34) who have debts
in collection.
Source: 2018 Consumer Finance
Literacy Survey for the National
Foundation for Credit Counseling
$1.48 trillion
The level of U.S. student debt.
Source: Global Financial Literacy Excellence Center
More than 50%
of Americans over 30 who participate in a
401(k) plan but who could not explain what it is.
Source: Consumer survey by Grapevine, a service that matches
56%
investors to financial advisors
46% of consumers concerned about running
of Americans with a rainy day fund. out of money in retirement.
Source: National Financial
Capability Study
Source: National Financial Capability Study
About 1/3
45%
Proportion of Americans who pay just the
minimum due on their credit card
accounts each month. of Americans without any
Source: National Financial Capability Study retirement account assets.
Source: National Institute on Retirement Security
Maine
The most financially literate state, based
on 15 metrics covering residents’ credit
Nearly 25%
scores; spending, saving and borrowing of Americans are not able pay all of
habits; and education. their current month’s bills on time.
Source: Federal Reserve System’s “Report on the
Source: Analysis by WalletHub, a financial website
economic Well-Being of U.S. Households in 2016”
Tennessee
The least financially literate state.
Source: Analysis by WalletHub, a financial website
44%
17 of American adults who either could
The number of states that require high not cover an emergency expense
school students to take a class in personal of $400 or would cover it by selling
finance — a number that hasn’t something or borrowing money.
changed in the past four years.
Source: Federal Reserve System’s “Report on the
Source: Council for Economic Education Economic Well-Being of U.S. Households in 2016”
 CLOSING THE FINANCIAL LITERACY GAP: TURNING PASSION INTO ACTION

HOW TO HELP IMPROVE “We decided to start at

FINANCIAL EDUCATION LEVELS: the pre-kindergarten
THE FIRST STEP IS FINDING YOUR FOCUS level, for example,
Chloe McKenzie is founder, president and CEO of BlackFem, a New York-based non-profit
because we want to
organization created to empower girls and women of color, from age three through adulthood, influence mindsets and
by creating financial stability and sustainability for themselves.
behaviors, and focus on
Ms. McKenzie, a former mortgage finance and training analyst at J.P. Morgan, also heads
BlackFem Enterprises, a New York-based non-profit that creates accessible financial materials
molding, rather than
for women and girls of color. re-teaching.”
Drawing on her experience, Ms. McKenzie says it’s critical for an individual who wants to help Chloe McKenzie
improve financial education and literacy levels to have a clear focus and intent. Below are six Founder, president and CEO
key questions that every advisor who is looking to make an impact can ask themselves before BlackFem
joining forces with an existing group, or potentially starting your own effort:

Who is the specific group or type of individual that you are most passionate
1 about educating?

Some advisors want to help very young children because they believe it is important to help
create a good foundation early. Others feel more of a desire to help high school students, who
may be having their first “grown-up” experiences with money and on the verge of entering the
workforce, going to college or into the military or seeking other types of training. Still, others look
to help college students and young people just entering the workforce. The need is great among
all age groups and populations, so consider carefully which one you want to help.

“We decided to start at the pre-kindergarten level, for example, because we want to influence
mindsets and behaviors, and focus on molding, rather than re-teaching,” she said, regarding the
emphasis at BlackFem.

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 CLOSING THE FINANCIAL LITERACY GAP: TURNING PASSION INTO ACTION

2 How can your personal experiences help?

Draw on your own personal experiences, not just the part of you that is an advisor. Think about
the most impactful times of your lives. Where did you struggle most and why? When did you
learn a big financial lesson? Did you make money as a kid? How? What did you do with the
money, and how did that change the way you think about money? Recalling what you learned,
where you stumbled and how you came through could help you identify the age group you wish
to help or the specific kinds of help you wish to provide.

Is there an existing program that aligns with your experience, interests

3 and goals?

Often, financial literacy programs or efforts may be underway in an advisor’s community of which
he or she is unaware. Before volunteering through a group, however, check out its curriculum
and determine whether it aligns with your beliefs, as well as what you would like to accomplish.

“Better yet, go see it in action,” Ms. McKenzie suggests. “Listen in when a volunteer is giving a
presentation or talk and picture yourself in their place. Would you feel comfortable delivering a Financial literacy efforts
similar message? How do you feel being on the receiving end of the message?”
need not take the form
4 Should you do your own thing? of group education;
Creating and delivering a financial literacy program you devise yourself appeals to many
one-on-one assistance
advisors. But curriculum writing is difficult, as is “selling” your program to a local school and can be effective as well.
incorporating it into a school’s programming. If you are still determined to do it yourself, reach
out to local elected officials, school administrators and PTAs, to find out how and where what Chloe McKenzie
you want to do could work. Sometimes a one-time speaking engagement can be enough Founder, president and CEO
to generate interest in what you would like to accomplish, sparking further discussions and BlackFem
a possible ongoing role.

5 Have you considered being a teacher of parents?

Sometimes, an indirect route to the goal of financial literacy can be just as effective as a direct
route. Specifically, that could mean using your skills as a financial advisor to inform and describe
to parents how they can discuss financial matters at home. In effect, you would be reaching
many more children indirectly by helping their parents become financial educators. To do that,
consider developing a parent-oriented workshop and then working with school administrators
and PTAs to offer it.

6 Do you have time to do pro bono planning?

Financial literacy efforts need not take the form of group education; one-on-one assistance
can be effective as well. Advisors with the time and inclination may wish to start with financial
literacy efforts aimed at the children and grandchildren of clients. You also may decide to
volunteer through local financial planning and other groups that provide pro bono advice
to families in need.

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 CLOSING THE FINANCIAL LITERACY GAP: TURNING PASSION INTO ACTION

FOR ADVISOR VOLUNTEERS:

WAYS TO GET INVOLVED
The nation’s financial literacy gap is so broad and so far-reaching that advisors
can make a contribution in many ways. In fact, the need is so great that the
process of deciding how to help itself can be confusing. Since a good first step
in volunteering—as Ms. McKenzie suggests—is to determine the age group
with which an advisor would most like to work, this guide is structured so that
advisors can find information and resources based on the age of those an
advisor may wish to help. The guide also provides examples of how advisors
have helped children, teens and adults become more financially literate.

Below, using input from hundreds of industry volunteers based on their

suggestions and experiences, is a high-level overview of how an advisor
can get involved in a financial literacy effort that is personally satisfying.

FOR YOUNG CHILDREN

Join an existing elementary school program
Since creating a financial literacy program and integrating it into an elementary
school can be so difficult in this era of core curriculum mandates, many advisors
suggest joining an existing and proven program rather than starting a new one.
Many successful programs are eager for new volunteers.

Work through a local library

Public libraries are an often-ignored, but vital, component of our educational
infrastructure. What’s more, libraries tend to be more open to new ideas Public libraries are
and community involvement in programming than schools, and often are very receptive to
educational efforts aimed at children and other segments of the population that may be an often-ignored,
underserved.
but vital, component
FOR TEENAGERS/HIGH SCHOOL STUDENTS of our educational
Take part in a “Career Day”
Find out when local high schools conduct such an event to introduce high school students to infrastructure.
possible careers—or suggest that such an event be held—and participate to introduce students
to the idea of financial advice as a career as well as discuss the importance and content of
personal finance.

Teach a financial literacy course

Use one of the many financial literacy courses designed by educational groups, or design your
own, and offer to teach a short course in a high school.

Hold a one-day “Reality Fair”

Work with a school to hold an event for high school seniors that focuses on the real-world
aspects of living as an adult. Specifically, the school would assign each student a fictitious job
with a defined salary, after which the student would develop a plan on how to live on that salary.
Topics to be covered would include budget-building, interest rates, credit, savings, compound
interest, credit scores and the need for retirement planning. Advisors can become involved by
teaching some of the material and/or working with teachers to present the material.

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 CLOSING THE FINANCIAL LITERACY GAP: TURNING PASSION INTO ACTION

FOR COLLEGE STUDENTS

Conduct two “Intro Day” events
Follow the example of the University of South Florida’s College of Business, and encourage
a local college that offers a financial planning program to hold two pizza-fueled events when
incoming freshman arrive on campus: the first for all students and their parents, and the second
smaller event for 50 or 60 students that, effectively, is a mini-course in personal finance. The
first event at USF brings together students, their parents and the faculty and administration of
the financial planning program, which often leads to parents seeking out a financial planner. The
second features a financial advisor who discusses their daily work and how they help recent
college graduates, the newly married, and those planning for retirement.

Offer to be a pro bono advisor

Contact the alumni office of the college from which you graduated and offer to serve as a pro
bono advisor to students who need financial advice regarding student loans, car leasing, credit,
insurance, saving and job benefits. Advisors who were members of a fraternity or sorority at
college could offer similar pro bono services to current fraternity and sorority members.

Create paid internships for peer-to-peer

literacy counselors
Since peer-to-peer learning often is better
received than lectures from older experts,
consider creating a paid internship program
for interested local college students that
would teach them how to become financial
literacy trainers for their classmates.

Offer to include a financial literacy

component in wellness programs
Many campuses offer wellness programs
that promote physical and mental wellbeing.
Contact a local college that offers such a
program and volunteer to teach a financial
wellness component that would cover
the basics of saving, spending, credit and
investing.

FOR ADULTS
Consider an “add-on” program
Whether their favorite program is aimed at young children, teens or collegians, many advisor
volunteers note one common response from attendees and program administrators alike:
“Wouldn’t it be great if this program were made available to parents?” To meet what seems to
be such a compelling demand, consider creating a companion program for parents in addition
to whatever program is being presented to their children.

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 CLOSING THE FINANCIAL LITERACY GAP: TURNING PASSION INTO ACTION

IN FOCUS
ELEMENTARY SCHOOL STUDENTS
HOW THE ABCS OF PERSONAL FINANCE CAN OPEN NEW DOORS
Michael Partnow wanted to help
disadvantaged children get a better handle
on money.
Mr. Partnow, director of product
management at BNY Mellon’s Pershing,
has young children of his own and a wife
who operates a pre-school. He knew from
personal experience that if he could reach
children as early as possible with a basic
financial education program, he would
be helping them to make sound money-
related decisions throughout their lives.
within one’s means—include budgeting,
saving in general, saving for college or
trade school, the value of compound
interest, how banks make money,
interviewing skills, and how to apply for
college scholarships.
“We make what we’re saying relevant
to Jersey City and the children’s own
experiences,” Mr. Partnow said. “We talk
about local restaurants, stores and banks,
and the kinds of jobs, such as babysitting,
that many of them have had.”

“We make what we’re
saying relevant to Jersey
City and the children’s
own experiences.”
Michael Partnow
Director of product management
BNY Mellon’s Pershing
What he came up with four years ago,
along with colleague Andrea Madden, was
a financial literacy program for youngsters
at an elementary school in urban Jersey
City, N.J. The program serves the school’s
60 eighth-graders and delivers a curriculum
of financial basics taught in four, 60- to
90-minute interactive sessions over the
course of the school year to two groups of
30 students each. Volunteers at Pershing
developed the curriculum, and four to six
volunteers from the firm take part in each
session at the school.
Topics covered by the program—which
aims to show the importance of living
At the end of the school year, there is
an assembly in the school auditorium,
followed by lunch at Pershing
headquarters, at which senior
executives speak.
“Many of the eighth graders are immigrants
or children of immigrants, and some
of them handle finances for their family
including depositing money, writing checks
and filling out tax forms,” Mr. Partnow
said. Because of the community’s needs,
the school has asked if Pershing would
consider expanding its efforts to include
siblings and guardians, which Mr. Partnow
would like to do.

INSIDER’S TIP
• If possible, work with a group that already has a relationship with a school. “We built
on the credibility of the local Big Brothers/Big Sisters group, which worked with the
school. Without them, we couldn’t have gotten this off the ground,” Mr. Partnow said.
• In working with others based on his experience in Jersey City, Mr. Partnow has
learned that schools often can be slow to make decisions and to implement even
the ideas they like. His advice: Be patient and persistent.
• If working with disadvantaged children, remember that the financial basics you are
teaching them will also help their network (family, friends, neighbors, etc.), and that
your efforts will expose them to a world of possibilities and opportunities they never
knew were available.

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 CLOSING THE FINANCIAL LITERACY GAP: TURNING PASSION INTO ACTION

IN FOCUS
HIGH SCHOOL STUDENTS
FINANCIAL LITERACY LESSONS THROUGH (DRUM ROLL) MUSIC
“Four years ago, I got
involved with a then-new
non-profit group, Funding
the Future, whose goal
is to increase financial
literacy among high
school and middle school
students.”
Sacha Millstone
Partner
Millstone Evans Group of
Raymond James & Associates
For high schoolers, sitting through a lecture
on personal financial could be as mind-
numbing as Ben Stein’s snooze-inducing
drone in “Ferris Bueller’s Day Off.”
So what about taking a radically different
approach and make financial literacy
interesting, and even cool, through music?
And what if the message came from real
rockers, hip-hoppers and country singers?
Sacha Millstone explains.
“Four years ago, I got involved with a then-
new non-profit group, Funding the Future,
whose goal is to increase financial literacy
among high school and middle school
students,” said Ms. Millstone, a partner in
the Millstone Evans Group of Raymond
James & Associates in Boulder and
Denver, Colo., and Washington, D.C.
“The group has a unique delivery
mechanism—music bands. We sponsor
three bands with different types of
music: Gooding, which is a rock band;
ReMINDers, a hip hop group; and Me Like
Bees, a country group,” she said. “After
each band plays at a school, the lead
performer comes out and talks about their
own experience, which includes financial
obstacles and successes that touch on
what we’re trying to teach.”
Ms. Millstone said that the prepared talks
go on to cover the importance of having
a budget and saving, how credit cards
work, what a credit score means, loans
and their relationship to interest rates, and
compound interest—which students learn
can work to their advantage when saving,
but can be very burdensome when paying
off debt. Also covered is predatory lending
and student loans. After the prepared
discussion, the performers answer
questions from the audience.
The tours, which are conducted throughout
the country, are paid for through the
generosity of donors, which include Ms.
Millstone’s firm, Raymond James, The
United Way and First Interstate Bank.
Included is a curriculum guide for teachers
with discussion questions.
“I don’t believe in huge, complicated
curriculums,” said Ms. Millstone, who
devotes “a lot” of time to Funding the
Future. “It’s basic finance, and covers what
to do, what not do and what to completely
avoid. We’re filling a gap because personal
finance doesn’t get talked a lot about
at home since parents either aren’t
comfortable with it or don’t know enough
themselves.”

INSIDER’S TIP
• Advisors looking to work with schools may find many challenges. “Every state and
school district is different,” Ms. Millstone says, so even instituting something that
worked elsewhere can be difficult.
• Since “a ton” of successful existing programs exist, she suggests not reinventing
the wheel and aligning with a program that is already working at a school.
• Volunteering is vital, but donations to worthy programs also are important in the
drive to improve financial literacy.

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 CLOSING THE FINANCIAL LITERACY GAP: TURNING PASSION INTO ACTION

AN EVOLVING SUCCESS STORY

ONE HIGH SCHOOL, TWO TEACHERS AND A DEDICATED DONOR
The small town of Gladstone, Mich., on the state’s
remote and economically hard-pressed Upper Peninsula
probably would not be anyone’s first guess as an
incubator of innovation in financial literacy education. But
thanks to the creativity and hard work of two dedicated
teachers at the town’s 500-student high school and the
patient generosity of a successful alumnus, Gladstone
High School has created programs that may become
models for financial education efforts around the country.
Erika Fix, an economics and government teacher at
Gladstone High School who runs the program with a
team of teachers from her school district, said it began
when Susan Beranek, who retired from the school in
2010, decided her students desperately needed to know
the basics of personal finance.
“She developed a curriculum from scratch that covers
areas including budgeting, credit, insurance, taxes
and saving,” Ms. Fix said. “When she needed money
for materials, she reached out to Mark Tibergien, who
graduated from Gladstone High.”
school graduation, including a mandate for four years of math.
“Our personal finance course counts as a math elective, and since
there aren’t many electives in math, about 60% of the graduating
class take the course,” said Ms. Fix, who is its sole teacher.
Throughout the program, input and suggestions from students
Erika Fix were always encouraged.
Econ. & Gov’t.
Teacher “One of the biggest ideas was a suggestion that we conduct
Gladstone
High School a summer financial literacy camp, which we started three
years ago,” Ms. Fix said. “It now has levels for elementary,
middle and high school students, who come to school for a
week of training on financial literacy concepts.”
In ways that are appropriate for the three age groups, the camp
curriculum covers much of the practical material in the course.
Parents are required to take part in a two-hour-long training
course that includes information on savings and retirement
Mark Tibergien planning. When a child completes the camp program, he or she
CEO
Pershing Advisor receives a contribution to their 529 savings plan, courtesy of
Solutions Mr. Tibergien, whose role in the school’s efforts has taken many
forms, aside from generous donations.

Mr. Tibergien, chief executive officer of Pershing Advisor Solutions,
paid for the materials, which began a lasting relationship with
the program.
“When I stepped in at Sue’s retirement, I contacted him and we
became partners,” Ms. Fix said. “He has contributed many ideas,
as well as funds, and is continuing to support efforts to take
what we’ve done so it can be spread to other schools around
the country.”
The Gladstone program started with a full-year class for high
school seniors. It was able to be worked into the curriculum, Ms.
Fix said, because Michigan sets rigorous requirements for high
“The biggest surprise that came from my involvement with the
school’s efforts is that the students so eagerly embraced the
program,” Mr. Tibergien said. “A couple of years ago when my
wife and I decided to grant more funds to the school, Erika
asked me to come to Gladstone to hear teams of students make
recommendations on how best to use the money. Three of the teams
suggested that we do a program like this for their parents.”
Whether the students who complete the program go to college, become
financial advisors or simply are able to take control of their financial lives,
“they will be smarter consumers, better clients to advisors, and possibly
financial professionals themselves who will have a chance to impact their
communities once they start working,” he said.

INSIDER’S TIP
• Developing quality financial literacy curriculums takes time, Ms. Fix says, because the process requires testing elements in real-
world settings and incorporating what works and jettisoning what doesn’t.
• Developing standards for financial literacy and training a sufficient number of teachers should be priorities, she said, simply because
“there aren’t enough of us.”
• Getting schools to include personal finance in their curriculums will require persuading state education departments and local
school boards that the education is vital. Ms. Fix said that financial advisors and their firms can be extremely helpful in that effort.

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 CLOSING THE FINANCIAL LITERACY GAP: TURNING PASSION INTO ACTION
A HIGH-TECH FINANCIAL LITERACY CURRICULUM THAT’S READY TO GO
“We’re competing for
teachers’ time, and
they’re bombarded by
free and paid resources.”
Ryan Swift
VP of financial education
EverFi
The curriculum for Pershing’s Adopt a
School literacy program, as well as the
high-tech, interactive way that curriculum
is presented to students, is the work of
EverFi, a 10-year-old digital education
company based in Washington, D.C.
EverFi, which also has developed programs
in life skills, character-building, STEM
careers, and alcohol and drug education,
created an online personal finance course
aimed at students from kindergarten
through high school.
“In our courses, students can go through
different modules at their own pace where
they are introduced to a range of topics,
13
from how to complete a
FAFSA (Free Application
for Federal Student Aid)
form to using credit cards,”
said Ryan Swift, the firm’s
vice president of financial
education. “We use
gamification to make real-
world situations come to life,
all while tracking knowledge
gained through pre- and
post-course assessments.
We are extremely proud
of our track record with
teachers in our network,
who value our content and
the support we provide by
helping their students to
learn critical skills.”
EverFi says that the 150
former educators on its staff
understand the pressure
under which teachers
operate in order to meet
state education mandates,
leaving little opportunity to add any non-
required subject material.
“We’re competing for teachers’ time,
and they’re bombarded by free and paid
resources,” Mr. Swift said. “But teachers
value our content, which has a proven
track record, and the support we provide,
including helping to determine the proper
place for the program in a school’s overall
curriculum.”
EverFi, which provides its content free to
schools through the generosity of sponsors
who pay the license fees, says it works
with all of the nation’s 50 largest school
districts.
 CLOSING THE FINANCIAL LITERACY GAP: TURNING PASSION INTO ACTION

IN FOCUS
COLLEGE STUDENTS
MAXIMIZING THE VALUE OF MENTORSHIP
Lori Silverthorne, director of advisor demonstrating that expertise through a
partnerships at Facet Wealth in Baltimore, presentation to the professionals at the firm
Md., has more than a decade of experience and asking for their feedback on how she
serving as a mentor to college students. could improve.”

“The relationship is
a two-way street:
What mentees get out
of having a mentor
is a function of their
involvement and interest.
“Some don’t follow up,
so the relationship ends.”
Lori Silverthorne
Director of advisor partnerships
Facet Wealth
When she was with Charles Schwab, she
became close to the financial planning
faculty at Virginia Tech, in Blacksburg,
Va., and developed a mentoring program
for the school’s students that focused on
financial planning basics.
Her current involvement in mentoring came
about after she met Jessica, a student at
Utah Valley University in Orem, Utah, at the
Pershing/InvestmentNews financial literacy
think tank. Jessica, who has entered
her junior year, is enrolled in the financial
planning program at the school and
attended the Pershing INSITE conference
as an intern.
“We had a formal exchange at the
meeting in June, and have spoken several
times since,” Ms. Silverthorne said. “We
discussed what her goals should be in
connection with her summer internship
at a local RIA firm, and I suggested two.
The first was building her expertise in one
particular financial planning area, and then
The second suggestion was to have
Jessica ask if she could participate in a
meeting with one of the firm’s clients.
“She was able to get the firm to agree
to that, and I think the meeting gave her
some valuable perspective,” said Ms.
Silverthorne, who also helped Jessica
update her resume and wants to stay
connected with her. The two plan to speak
in the near future.
“I would love to help a couple of students
a year; I enjoy hearing what they think and
what they know,” she said.
Currently, Ms. Silverthorne’s firm is
considering the sponsorship of a financial
literacy program at one or two high schools
in the Baltimore area. She also said she
would like to continue devoting about
two to five hours a month to mentoring a
student or students enrolled in a financial
planning program at a nearby college, and
is seeking out such an opportunity.

INSIDER’S TIP
• Mentorship is most helpful when the guidance provided is specific.
• The relationship is a two way street: What mentees get out of having a mentor is a
function of their own involvement and interest. “Some don’t follow up, but for the
ones who take the feedback and make it actionable, it becomes a win-win-win for
all involved,” Ms. Silverthorne said.
• Good relationships continue. “I’m still in touch with more than dozen of the mentees
I helped at Virginia Tech,” she said.

14
 CLOSING THE FINANCIAL LITERACY GAP: TURNING PASSION INTO ACTION
WHAT COLLEGE STUDENTS DON’T KNOW
If even Utah students need help understanding personal
finance — having been educated in one of the few states
that mandates a course in personal finance at the high
school level — imagine what the majority of the nation’s
college students need.
Luke Dean
Associate “A lot of college students make foolish decisions early
professor of that can take a decade to dig out from,” said Luke Dean,
finance
Utah Valley associate professor of finance at Utah Valley University in
University Orem, Utah, and director of the school’s financial planning
program, which he says is the largest undergraduate
CFP-training program in the nation.
Mr. Dean believes that college is a good time to teach
financial literacy basics because it is the time when “real
life starts hitting” young people.
“In high school, a lot of the subject matter goes over their
head since mom and dad are taking care of everything,”
he said. “In college, they’re closer to taking on adult
responsibilities, and they can understand warnings about
payday lenders and the dangers of credit card interest.”
Mr. Dean said he welcomes the real-world input of
financial advisors in his personal finance classes, whether
YOUR LOCAL COLLEGE WANTS YOU
Advisors who want to get involved in helping young adults
improve their understanding of personal finance are likely
to find a welcome embrace at a local college or community
college, says Oliver Schnusenberg, professor of finance at
the University of North Florida (UNF) in Jacksonville, and
Oliver director of its financial planning program.
Schnusenberg
Professor of “Most schools that have any type of personal finance course
finance
University of would welcome an advisor who wants to talk about basic
North Florida budgeting, whether as part of a class, as a special event or
perhaps as a one-on-one with some students,” he said.
Mr. Schnusenberg said that when he took over the
financial planning program two years ago, he made a
lot of curriculum changes and created affiliations with
financial planning professional organizations, leading
companies in the financial services industry and with a
wide array of advisors.
Last year, at the suggestion of the president of the
student financial planning club, five advisors from
all channels of the industry took part in a discussion
explaining the differences between RIAs and brokerage
15
those classes are for financial planning majors or for
students in general, and encourages any of their public
education efforts.
“I love to see advisors guest lecture in their community
and teach the basics, as well as go to local colleges and
share their expertise,” he said. “We have advisors who
come in for a semester as an adjunct to teach basic
money management and financial literacy, and in a four-
month course they teach a ton.”
INSIDER’S TIP
• A simple 30- or 40-minute talk can go over some
of the bad things people should avoid and how
to get started saving and budgeting.
• Americans are very reticent when the topic
is money, Mr. Dean said. Just talking about it
openly is helpful.
• Investing may be the sexy part of financial
planning, but the nuts and bolts of saving,
budgeting and avoiding consumer debt are where
most people need education and help, he said.
firms in how they are structured, their training methods
and how advisors are compensated.
“The real-world input was extremely informative,” he said.
With a desire to have all students come out of UNF being
financially literate, Mr. Schnusenberg sees a growing
need for input from financial advisors. As a result, UNF
is hosting its first financial literacy symposium, which will
feature several local financial advisors.”
INSIDER’S TIP
• Personalize financial planning basics with real-life
stories of how people got into trouble and how
they have been helped.
• If developing or teaching a course is too much of
a commitment, consider offering a one-time visit
to explain what a financial planner/advisor does,
while at the same time imparting some financial
planning basics as part of the presentation.
• Consider internships as a way to teach financial
planning in a real-world setting.
 RESOURCES/ORGANIZATIONS
In addition to their information, education and advocacy efforts, many of the organizations below offer financial literacy
curriculums and course guides, as well as materials for teachers and volunteer lecturers. Some also can refer volunteers
to local financial literacy organizations.

360 Degrees of Financial Literacy Junior Achievement USA

American Institute of Certified Public Accountants One Education Way
220 Leigh Farm Road Colorado Springs, Colo. 80906
Durham, N.C. 27707-8110 719-540-8000
888-777-7077 https://www.juniorachievement.org/web/ja-usa/near-you
https://www.360financialliteracy.org/
Moneythink
Council for Economic Education 100 S State Street
122 East 42nd Street, Suite 2600 Chicago, Ill. 60603
New York, N.Y. 10168 https://moneythink.org
212-730-7007
https://www.councilforeconed.org/ National Endowment for Financial Education
1331 17th Street, Suite 1200
Financial Literacy and Education Commission Denver, Colo. 80202
U.S. Treasury 303-741-6333
https://home.treasury.gov/policy-issues/consumer-policy/financial-literacy- https://www.nefe.org
and-education-commission
https://www.mymoney.gov/Pages/default.aspx New Jersey Coalition for Financial Education
308 W. State Street
Financial Services Institute Trenton, N.J. 08618
1201 Pennsylvania Ave., NW, Suite 700 609-306-3810
Washington, D.C. 20004 www.njcfe.org
888-373-1840
http://fsi.centsables.com Next Gen Personal Finance
https://financialservices.org/financialfreedom 510 Waverley Street
Palo Alto, Calif. 94301
Finra Investor Education Foundation www.ngpf.org
1735 K Street, NW
Washington, D.C. 20006-1506 Office of the Comptroller of the Currency
202 728-8362 Financial Literacy Resource Directory
https://www.finrafoundation.org/ https://www.occ.gov/topics/community-affairs/resource-directories/financial-
literacy/index-financial-literacy.html
Foundation for Financial Planning
1425 K Street NW, Suite 750 SIFMA Foundation
Washington, D.C. 20005 120 Broadway
202-864-5183 New York, N.Y. 10271
https://foundationforfinancialplanning.org 212-313-1200
  https://www.sifma.org/about/sifma-foundation/
Funding the Future
5704 Ashfield Road Smart investing@yourlibrary
Alexandria, Va. 22315 American Library Association/Finra Investor Education Foundation
571-331-4663 1735 K Street, NW
http://fundingthefuturelive.org/ Washington, D.C. 20006-1506
202 728-8362
High School Financial Planning Program smartinvesting.ala.org
National Endowment for Financial Education
1331 17th Street, Suite 1200 W!se
Denver, Colo. 80202 227 East 56th Street
303-741-6333 New York, N.Y. 10022
https://www.nefe.org 212-421-2700
www.wise-ny.org
Jump$tart Coalition for Personal Financial Literacy
1001 Connecticut Ave. NW, Suite 640 Young Americans Center for Financial Education
Washington, D.C. 20036 3550 East First Avenue
202-846-6780 Denver, Colo. 80206
jumpstart.org 303-321-2265
https://yacenter.org/about-us/

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